OCTOBER 27, 2023
DECEMBER FUTURES FELL BELOW RECENT LONG-TERM TRADING RANGE FOR MOST OF THE WEEK ENDING OCTOBER 27
• U.S. GDP Surged in Third Quarter, Beating Market Expectations
• An Uptick in Demand for U.S. Cotton Reported for Week Ending October 19
• Adverse Weather in Coming Week Could Hinder Harvest Activities Across Texas, Oklahoma, and Kansas
The cotton market stayed in the lower end of the trading range recently established for most of the week. Cotton prices went into the weekend settling at the lowest close since August of this year. Many issues were credited for the drop including weaker Chinese cotton prices and the idea that more cotton is readily available in the U.S. now that harvest has started to advance throughout the country.